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<br /> f 2313 <br /> - Page 3 <br /> C. Genlyte will ensure that Hadco creates at least 38 full-time jobs on the Property <br /> by December 31, 1998, and maintains at least that number of full-time jobs on the Property <br /> during calendar year 1999. <br /> 3. <br /> - TERM, ABATEMENT PERIOD AND RATE OF ABATEMENT <br /> A. The existing and any real estate or ad valorem property taxes hereafter imposed <br /> by the City on 100% of the taxable value of the Improvements will be abated for two years <br /> . ' <br /> (the "Tax Abatement"), if Genlyte satisfies all of its obligations under this Agreement. The <br /> two years of Tax Abatement (the "Abatement Period") shall be the tax years 1999 and <br /> 2000. <br /> . <br /> B. The Tax Abatement will not include any equipment, inventory, materials, or other <br /> personal property, nor will it include any increase in the value of the land upon which the <br /> Improvements are situated. <br /> 4. <br /> RECORDS AND,AUDITS <br /> A. On or before February 1 of each year of the Abatement Period, Genlyte will <br /> furnish to the City records certified by an authorized officer of Genlyte supporting Genlyte's <br /> tax abatement for the current tax year. These records will pertain to Genlyte's compliance <br /> with this Agreement for the calendar year preceding the date of the report. The City will <br /> evaluate the information furnished, and will have the right to request and receive from <br /> Genlyte additional information needed to help the City determine Genlyte's compliance with <br /> this Agreement. Upon the City's verification of compliance with this Agreement by Genlyte, <br />